Superalloy is a cutting-edge industrial material standing at the tip of the pyramid. Superalloys can resist oxidation, corrosion and creep at temperatures above 600 ℃. They are not only the key materials for hot end components of aeroengines and various high-temperature components of aerospace rocket engines, but also widely used in industrial gas turbines, energy, chemical and other industrial departments. From the point of view of the main elements of the alloy, nickel base superalloy has relatively stronger heat resistance and is the most widely used, accounting for 80% in today’s production. According to the manufacturing process, there are deformed superalloys, cast superalloys and powder superalloys.
Localization has developed for more than 60 years, and breakthroughs have been made in the field of multiple models. The development of superalloys in China has developed from imitating the Soviet Union, Europe and the United States to independent innovation, forming a complete superalloy system, which ensures that the superalloy materials required by China’s aerospace engines and gas turbines are completely based in China. GH4169 is compared with bo7718 of the United States. Its yield strength below 650 ℃ ranks first among deformed superalloys. It is the superalloy with the largest consumption and the highest application range in China. K438 is one of the best cast superalloys with heat and corrosion resistance. Its composition and properties are equivalent to those of in738 widely used abroad. Single crystal superalloys have been independently developed to the third generation single crystal alloys dd33 and dd9 and the fourth generation single crystal alloys dd91 and dd15. Enterprises represented by Gaona Aero Material Co.Ltd(300034) have successfully developed fgh4091, fgh4097, fgh4098 and other Powder Superalloy disk forgings, meeting the design and application requirements of many key national aeroengines.
There is a strong demand for military and civil aviation development, and the localization rate will continue to increase under the supply and demand gap. There is a large gap between the number and generation of Chinese military aircraft and the United States, and there is an urgent need to update advanced equipment; Under the consumption brought by actual combat training, the demand for military air launch will continue to be strong. In the next 10-20 years, the commercial aviation market will also vigorously stimulate the demand for superalloys. It is expected that the demand in the general aviation and civil aviation market will exceed that in the military field. According to the statistics of China Special Steel Enterprises Association, in 2020, China’s output of superalloys was 33000 tons, the demand was about 53000 tons, and the gap between supply and demand reached 20000 tons. The main core suppliers actively layout and expand their production capacity, which is expected to bring a supply increment of 12000 tons / year, and the localization rate of superalloys is expected to increase from the current 60% to 80%.
Focus on the listed core manufacturers Fushun Special Steel Co.Ltd(600399) , Western Superconducting Technologies Co.Ltd(688122) , Gaona Aero Material Co.Ltd(300034) and Jiangsu Toland Alloy Co.Ltd(300855) . The prosperity of the aeroengine track is clear, the barrier of the superalloy industry is high, the competition pattern is stable, and the production capacity growth is relatively slow Fushun Special Steel Co.Ltd(600399) , Western Superconducting Technologies Co.Ltd(688122) , Gaona Aero Material Co.Ltd(300034) and Jiangsu Toland Alloy Co.Ltd(300855) technology and products have their own emphasis, focusing on competition and cooperation Fushun Special Steel Co.Ltd(600399) as the leader of deformed superalloy, it has carried out a number of equipment addition and technical transformation projects in recent years to further release production capacity Western Superconducting Technologies Co.Ltd(688122) initial public offering and fixed raising investment projects plan to increase the production capacity of 4000 tons of superalloys, and the three businesses of titanium alloy, superconducting materials and superalloys will work together Gaona Aero Material Co.Ltd(300034) with outstanding R & D strength and complete product categories, it has an absolute dominant position in the field of new superalloys The Jiangsu Toland Alloy Co.Ltd(300855) initial investment project will be completed this year. It is expected to release the production capacity of 1000 tons of superalloys and 3300 precision castings. The increase in the proportion of precision castings has led to a steady increase in the company’s profitability.
Risk warning: the risk of sharp fluctuations in the price of raw materials; The risk that the capacity increase is less than expected.
